Reduced withholding tax on foreign currency borrowing permitted when loans and infrastructure bonds meet ECB and RBI approval conditions. Lower withholding tax under Section 194LC applies to interest on qualifying foreign currency borrowings where loan agreements or long term infrastructure bonds meet ECB regulations, have an RBI Loan Registration Number, comply with end use and other RBI conditions, are not restructurings solely for tax benefit, and where interest rates fall within the RBI specified All in cost ceilings; non ECB covered bond issues require case by case approval.